Vela Exchange Public Beta + Hyper VLP rewards Launch

Public beta for a new spot and perpetuals trading platform on Arbitrum.

There is no exact launch time for this event, only that it is on February 9.

DETAILS

• Launch Details
  • During the beta launch, early participants will receive accelerated beta testing rewards
  • Beta access schedule;
    • January 31st: Early access round 1 (for OGs)
    • February 3rd / 7th: Early access rounds 2 and 3
    • February 9th: Open beta access (open to everyone)
    • February 14th: End of Hyper VLP
  • Participants mint $VLP with USDC to receive $VELA rewards (Rate: 1 USDC = 1 $VLP)
  • A total supply of up to 2.5 million $VELA tokens will be rewarded
  • Early minters will receive higher rewards through the tiered system
    • Tier 1 – for 500k $VLP TVL; earn 0.5 VELA rewards per $VLP committed
    • Tier 2 – for 500k – 1.5m $VLP TVL; earn 0.5 VELA rewards per $VLP committed
    • Tier 3 – for 1.5m – 3m $VLP TVL; earn 0.33 VELA rewards per $VLP committed
    • Tier 4 – for 3m – 5m $VLP TVL; earn 0.25 VELA rewards per $VLP committed
    • Tier 5 – for 5m – 7.5m $VLP TVL; earn 0.2 VELA rewards per $VLP committed
    • Tier 6 – for 7.5m – 10m $VLP TVL; earn 0.15 VELA rewards per $VLP committed
  • How to participate;
    • connect your wallet to the app
    • navigate to the staking page, and mint your $VLP with USDC – no minimum amount for minting
    • you will be able to see which tiers are filled and where your commitment will be allocated
  • No fees for minting $VLP during the Hyper VLP period but will be set at 0.3% in the future
  • Once a tier is filled, the next tier opens
  • Redeeming of VLP for USDC will be disabled during the Hyper VLP period
  • After the two weeks, Hyper VLP participants may qualify for monthly rewards for a 12-month period until they redeem
  • Redeeming VLP value below the threshold committed during the 12-month distribution period will result in rewards decreasing approximately proportional to the amount originally committed

• Mechanics & Features
  • Vela Exchange is a spot and perpetual DEX that allows users to leverage trade crypto and forex assets
  • Supports up to 30x leverage for crypto assets and 100x leverage for forex assets (e.g. $EUR, $GBP)
  • Supports multiple order types, such as; stop market, stop limit, take profit/stop loss
  • Users can mint and stake $VELA/eVELA to earn a share of protocol fees and other benefits such as;
    • discounted trading fees
    • earn $eVELA from each $VELA buyback equivalent to 10% of the total perpetual fees
    • earn 5% of the total fees in USDC generated by the perpetual exchange fees
    • earn 40% of the total fees generated by the spot exchange fees (futures)
    • earn $eVELA from each $VELA buyback equivalent to 30% of the total spot fees (futures)
    • earn 30% of the fee share of the OTC trading platform (futures)
    • earn ecosystem rewards (depends on chain and subject to change)
  • Staked $VELA can be redeemed for USDC (or other stablecoin in the future)
  • 3-day redeem cooldown period, for every VELA minted

• Tokenomics
  • Token symbol: VELA
  • Total supply: 10,000,000
    • 35% — Community incentives (limited to 5% per fiscal year; reserved for LP reward emissions, market maker rewards, beta test rewards, and other incentives)
    • 25% — Growth fund (reserved for any future grants, DEX liquidity, market maker allocation, liquidity provisioning rewards incentive program for CEXs, and the liquidity provisioning rewards incentive program)
    • 10% — Core team (6 month cliff, 36 months linear vesting)
    • 10% — Marketing (limited to 2% per fiscal year; reserved for marketing rewards including airdrops, distributions via KOL partnerships, and comarketing efforts with partners)
    • 7% — DXP allocation (reserved for new hire; 6 month cliff from date of hire and minimum 24 months linear vesting)
    • 5% — Investors (follow-on investment rounds for VELA in Q4 2022)
    • 5% — Team growth
    • 3% — Advisors (6 month cliff, 18 months linear vesting)